Substantially all of the Company's leases are classified as operating leases and primarily represent real estate leases for office space used to conduct the Company's business that expire on various dates through 2041. Leases generally contain renewal options and escalation clauses based upon increases in the lessors’ operating expenses and other charges. The Company anticipates that most of these leases will be renewed or replaced upon expiration.

The Company assesses at inception of a contract if it contains a lease. This assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset.

The right-of-use asset is initially measured at cost, which is primarily composed of the initial lease liability, plus any initial direct costs incurred, less any lease incentives received. The lease liability is initially measured at the present value of the minimum lease payments through the term of the lease. Minimum lease payments are discounted to present value using the incremental borrowing rate at the lease commencement date, which approximates the rate of interest the Company expects to be paid on a secured borrowing in an amount equal to the lease payments for the underlying asset under similar terms and economic conditions. The Company elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a total term of 12 months or less. The effect of short-term leases on the Company’s right-of-use asset and lease liability would not be significant. The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheets as of December 31, 2020 and 2019 is as follows:

(in thousands)		December 31, 2020		December 31, 2019
Balance Sheet
Assets:
Operating lease right-of-use assets			186,998		184,288
Total assets	Operating lease assets	$	186,998	$	184,288
Liabilities:
Current operating lease liabilities	Accrued expenses and other liabilities		43,542		43,415
Non-current operating lease liabilities	Operating lease liabilities		172,935		167,855
Total liabilities		$	216,477	$	211,270

As of December 31, 2020, the Company has entered into future lease agreements expected to commence in 2021 consisting of undiscounted lease liabilities of $5.0 million.

The expense recognition for operating leases under Topic 842 is substantially consistent with Topic 840. Therefore, there was no significant impact to Company’s results of operations presented in the Company’s Condensed Consolidated Statements of Income as a result of adopting ASU 2016-02 in the first quarter of 2019.

Variable lease cost is lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred.

Lease expense for operating leases consists of the lease payments, inclusive of lease incentives, plus any initial direct costs, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Variable lease cost is lease payments that are based on an index or similar rate. They are initially measured using the index or rate in effect at lease commencement and are based on the minimum payments stated in the lease. Additional payments based on the change in an index or rate, or payments based on a change in the Company's portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred.

The components of lease cost for operating leases for the 12 months ended December 31, 2020 and 2019 were:

(in thousands)	Twelve Months Ended December 31, 2020			Twelve Months Ended December 31, 2019
Operating leases:
Lease cost	$	53,821		$	49,872
Variable lease cost		3,739			3,819
Short term lease cost		468			267
Operating lease cost	$	58,028		$	53,958
Sublease income		(1,798	)		(1,386	)
Total lease cost net	$	56,230		$	52,572

The weighted average remaining lease term and the weighted average discount rate for operating leases as of December 31, 2020 were:

Maturities of the operating lease liabilities by fiscal year at December 31, 2020 for the Company's operating leases are as follows:

(in thousands)	Operating Leases
2021	$	49,923
2022		46,447
2023		39,251
2024		31,033
2025		22,921
Thereafter		49,687
Total undiscounted lease payments		239,262
Less: Imputed interest		22,785
Present value of future lease payments	$	216,477

(in thousands)	Twelve months ended December 31, 2020		Twelve months ended December 31, 2019
Cash paid for amounts included in measurement of liabilities
Operating cash flows from operating leases	$	54,946	$	51,894
Right-of-use assets obtained in exchange for new operating liabilities	$	45,750	$	46,730